Asia's Top Hotel Transaction
Singapore's 320 room Crowne Plaza Changi Airport hotel has transacted for USD243 million (USD760,000 per key).
Part of the deal includes the right to develop a 200 room budget hotel adjacent to the existing property.
In a deal brokered by Jones Lang LaSalle Hotels the transaction is the largest single hotel deal this year in Asia.
The buyer is Overseas Union Enterprise (OUE) who operate in the hospitality sector under its subsidiary Meritus.
Co-owners of the property are Singapore based L.C. Development (Lum Chang) who own part of the Holiday Inn Patong; and Runway 38 which is a subsidiary of a fund under LaSalle Investment Management.
LaSalle recently put up its Sofitel Silom Bangkok hotel for sale and is expected to transact shortly.
The firm is well known in Phuket for its high profile redevelopment of the Karon Villa into a Crowne Plaza and ultimately resold to Kingdom Hotel Investments in a landmark deal. Today it's operated as the Moevenpick Resort and Spa Karon Beach.